When most people think of white-collar crime, they think of complex financial schemes that result in huge profits for the perpetrators. While this is certainly true, there are other types of white-collar crimes that can significantly impact victims. Defalcation is one such crime. Here’s what you need to know about defalcation and how it can affect California residents.
What is defalcation?
Defalcation is the unlawful misappropriation of funds or property by a public official. In other words, it is when someone in a position of trust steals money or assets from their employer or client.
Types of defalcation
There are three main types of defalcation: embezzlement, misappropriation and larceny. Embezzlement is the most common type of defalcation and occurs when an employee steals money or property from their employer. Misappropriation is similar to embezzlement but occurs when a third party steals money or property from another person. For example, trust misappropriation occurs when a trustee unlawfully takes funds from a trust meant for beneficiaries for their own personal benefit. On the other hand, larceny is the theft of personal property that is not related to finances, such as jewelry or cars.
How can you protect yourself from defalcation?
First, be vigilant about who you trust with your financial information. Ensure that all of your financial transactions are conducted through reputable channels. In addition, do not give out your personal information to anyone unless you know them well and trust them implicitly.
What should you do if you are a victim of defalcation?
If you are a victim of defalcation, the first thing you should do is contact the police. They will investigate the crime and may be able to help get your money or assets back. You may want advice on your legal options when pursuing a case against the perpetrator.
Defalcation is a serious crime that can have a devastating impact on victims. By understanding what it is and how it affects California residents, you can take steps to protect yourself from this type of theft.